Kuwait’s IFA Hotels posts $17.4m loss in 6 months

16 Feb 2010

(MENAFN) The Chairman of IFA Hotels & Resorts, a Kuwait-based hotel and tourism project developer, announced that the company’s half-year results showed a net loss of $17.37 million, Kuna reported.

According to the chairman, shareholders’ equity fell to $228 million compared with $230.6 million for the same period last year. However, the company’s total assets have increased 18 percent to $1.36 billion.

The first half of this year has witnessed the launch of a selection of IFA HR luxury properties which include three private residence clubs in Thailand covering Bangkok, Pattaya and Phuket as part of the company’s expansion in the Asian market as well as the launch of the second hotel condominium ownership product in the Middle East, the Fairmont Palm Jumeirah in Dubai.

Additional projects such as the Fairmont Residence-Palm Jumeirah in Dubai and the Al Abadiyah Hills in Lebanon are in their final stages of development and will be completed in the second half of this year, he said.

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